IRAs

IRAs

Rate information – The interest rate and annual percentage yield may change every quarter. We may change the interest rate for your account as determined by the credit union board of directors.
Compounding and crediting – Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Effect of closing an account – If you close your account before interest is paid, you will not receive the accrued interest.
Minimum balance requirements – No minimum balance requirements apply to this account.
Average daily balance computation method – Interest is calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarterly statement cycle.
Accrual of interest on noncash deposits – Interest will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.
Transaction limitations – During any month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or computer transfer. No more than three of the six transfers may be made by check or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.
Fees and charges – A rollover/transfer fee of $25.00 will be charged each time funds are rolled over or transferred to another financial institution.